012400County Commissioners Meeting - January 24, 2000
The Randolph County Board of Commissioners met in special session at 6:00 p.m. in the Commissioners
Meeting Room, County Office Building, 725 McDowell Road, Asheboro, NC. Commissioners Kemp, Frye,
Davis, and Holmes were present. The purpose of the meeting was to consider issues related to the 2000 Series
of Certificates of Participation.
Change March and April Meeting Dates
On motion of Frye, seconded by Holmes, the Board unanimously agreed to change their March
meeting from March 6 to March 13 (because of NACo Legislative Goals Conference) and the April meeting
from April 3 to April 10 (because of the COPS pre-closing in Charlotte on April 3 that requires the
attendance of the Chairman, County Manager, Clerk to the Board, and County Attorney).
Public Hearing on Series 2000 Certificates of participation
Chairman Kemp announced that this was the hour, day and place fixed for the public hearing for the
purposes of (1) considering whether the Board of Commissioners for the County (the `Board") should approve
a proposed installment financing agreement and certain related documents under which the county would
obtain financing pursuant to Section 160A-20 of the North Carolina General Statutes, as amended, for a
portion of various projects consisting of (a) the construction and equipping of an emergency services training
facility to be used for the training of law enforcement and emergency services personnel and career and
volunteer firefighters on land which is now owned by the Trustees of Randolph Community College (the
"Community College Project'), (b) the acquisition, construction and equipping of an addition to the existing
courthouse, the renovation of a portion of the existing courthouse and the demolition of three existing
buildings on the site of the courthouse in order to provide for additional parking and landscaping (the
"Courthouse Project'), and (c) the improvement, renovation and equipping of existing school facilities,
including Archdale Elementary School, Charles W. McCrary Elementary School, Guy B. Teachey Elementary
School and South Asheboro Middle School, the construction and equipping of additional school facilities,
including two elementary schools and a middle school, and miscellaneous capital improvements to school
facilities (the "School Projects" and collectively with the Community College Project and the Courthouse
Project, the "Project'), as described in the notice of public hearing that was published in The Randolph Guide
on January 12, 2000, and under which the County would secure the repayment by it of moneys advanced
pursuant to such installment financing agreement by granting a security interest in a portion of the Project and
certain related property and (2) considering whether the County should acquire real property included in the
community College Project and some or all of the real property included in the School Projects, as described in
the notice of public hearing that was published in The Randolph Guide on January 12, 2000.
Frank Willis, County Manager/Finance Officer, then described the Project as currently proposed, totaling
$52,400,000:
Randolph Community College
Emergency Training Facility - $3,100,000
Randolph County
New Courthouse and Renovations - $10,200,000 (plus $4,660,000 from other sources)
Asheboro City Schools - $5,300,000
Charles W. McCrary Elementary, new classrooms and multipurose areas - $1,300,000 (plus
$1,000,000 from other sources)
Guy B. Teachey Elementary, new classrooms - $1,330,000
South Asheboro Middle, new classrooms, science lab, and new media center - $2,670,000
Randolph County Schools - $33,800,000
Hopewell Elementary, new school - $9,500,000
Southmont Elementary, new school - $9,300,000
Uwharrie Middle, new school- $12,000,000
Archdale Elementary, renovations and expansion - $3,00,000
Mr. Willis then presented the following documents:
1. a draft of the form of Installment Financing Agreement to be dated on or about March 1, 2000 (the
"Contract") between the County and the Randolph County Public Facilities Corporation (the "Corporation");
2. a draft of the form of Deed of Trust to be dated on or about March 1, 2000 (the "Deed of Trust"), from the
County to a trustee for the benefit of the Corporation;
3. a draft of the form of Trust Agreement to be dated on or about March 1, 2000 (the "Indenture") between
the Corporation and First Union National Bank, as trustee (the "Trustee");
4. a draft of the Lease to be dated on or about March 1, 2000 (the "Community College Lease") between the
County and the Board of Trustees;
5. a draft of the Administrative Agreement to be dated on or about March 1, 2000 (the "Community College
Administrative Agreement") between the Board of Trustees and the County;
6. a draft of the Lease to be dated on or about March 1, 2000 (the "School Lease") between the County and
the Board of Education;
7. a draft of the Administrative Agreement to be dated on or about March 1, 2000 (the "School Administrative
Agreement") between the Board of Education and the County;
8. a draft of the form of Preliminary Official Statement to be dated on or about March 2, 2000 (the
"Preliminary Official Statement") relating to Certificates of Participation in revenues to be received by the
Corporation under the Contract (the "Certificates");
9. a draft of the form of the Contract of Purchase to be dated on or about March 16, 2000 (the "Purchase
Contract") among Wachovia Securities, Inc., A.G. Edwards and Scott & Stringfellow, Inc., trading as BB&T
Capital Markets (collectively, the "Underwriters") and the Corporation; and
10. a draft of the form of the Letter of Representation to be dated on or about March 16, 2000 (the "Letter of
Representation") from the County to the Underwriters.
Mr. Willis also described the real property included in the Community College Project and the School
Projects and the need for the County to acquire (1) the land on which the Community College Project is
located and the improvements thereon and (2) some or all of the land on which the School Projects and the
improvements thereon are located. He said that in a financing done pursuant to Section 160A-20 of the N.C.
General Statutes, real property that is owned by the County is used as security for the certificate holders. It is
anticipated that the following real property will be used as security: Uwharrie Middle School, Hopewell
Elementary School, Southmont Elementary School, Emergency Services Training Facility, part of the
Courthouse property, and South Asheboro Middle School, if needed. Randolph County, as part of this
financing, will acquire the real property listed above from the Randolph Community College, the Randolph
County Board of Education, and (if needed) the Asheboro City Board of Education. The County will then
lease these properties back to the original owners. When all the Certificates of Participation are paid, the
original owners will repurchase the property from the County.
Chairman Kemp then announced that the Board would immediately hear anyone who might wish to be
heard on such matters. No one spoke. Alice Dawson, Clerk to the Board, announced that no written
statements related to such matters had been received. Chairman Kemp announced that the public hearing was
closed.
Thereupon Commissioner Frye introduced a resolution (ATTACHED) entitled RESOLUTION (1)
AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF AN INSTALLMENT
FINANCING AGREEMENT AUTHORIZED BY SECTION 160A-20 OF THE NORTH CAROLINA
GENERAL STATUTES, (2) APPROVING THE ACQUISITION OF REAL PROPERTY TO BE USED
B Y THE BOARD OF TR US TEES OF RAND OLPH COMMUNITY COLLEGE AND THE RAND OLPH
CO LINTY BOARD OF ED UCA TION AND (3) APPROVING AN INSTALLMENT FINANCING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION
THEREWITH, which was read by title, and moved it be adopted. Commissioner Davis seconded the motion
and the motion was unanimously adopted.
The meeting adjourned at 6:15 p.m.
Phil Kemp, Chairman
J. Harold Holmes
Alice D. Dawson, Clerk to the Board
Darrell L. Frye
Robert B. Davis